Military Members to Be Shielded From Debt and More

9/26/2014 8:30AM

The U.S. tries to shield military service members from high-interest rate debt. Plus, can the U.S. and India become better business partners? Simon Constable gets all the details on the News Hub. Photo: Getty

This transcript has been automatically generated and may not be 100% accurate.

... welcome to the new sub I'm Simon Constable and didn't want to say here the Obama administration is proposing to ... stop the financial protections of for active service millet re plus a mile ... the issue ... high interest loans WSJ's Ben Kesling himself a veteran of the Marine Corps has this exclusive and joins us now from Chicago and I'm bad ... thanks obeying now ... thank you ... and to tell us about what the problem has been muted maybe you can speak from experience that you are in a veteran of the morning call ... I will be ... the problem ... is that predatory lenders so often or get ... troops just as some to set a high school ... either for steady paychecks and have very little knowledge of financial products generally speaking ... they see a color they like ... computer they like ... jewelry ... and then they take out these ... these high interest loans to to pay for them and it's it's it's been it's been a long problem military and in two thousandsix Congress passing a look at lending Act which prevented payday loans ... payday lenders ... from targeting military members clothes Basin since that time ... as though one ... one source said it's like whack a mole when one spot that pop up in another instance two thousandsix has been a proliferation of other types of loans ... that prayer military members ... now ... granted the that that that new thing is to try and introduce out that the Obama missed ... ration wants to introduce him ... some new protections for most of us know what in particular are they suggesting ... I will the current of the way the way the law currently sets ... there's a thirty six percent cap on now ... typically on payday loans so close of ninety nine he did race or less in two thousand dollars or less ... the botanist ration the partner defense went to expand that so it covers ... up a wider variety of of loan products include credit cards ... and doesn't extend that that thirty six percent cap for a of over a longer period duration loan and also ... of loans of higher dollar amounts ... so the band ... Noto lowland us agree that this is the right thing to do that they say when Dale FindThe become regulations tells about that ... I will live lending groups ... there were the those who represent lending groups ... say that the department defense has really shown any empirical evidence that there is an issue with ... with predatory lending ... and military members ... they say that you know you can find your story without any sort of any sort of product out there has to be somebody who has to who gets a bad deal ... and ... although there are anecdotal ... accounts of of troops ... of falling prey to it to predatory lenders ... the lending groups say that the former defense has no comprehensive empirical study showing that it's a widespread problem ... them ... than we did about twenty seconds when you're in the morning what did you receive any education on financial matters hustle finance stuff aam olive and that the troops ... call it these days said trips to receive the financial education starts in that camp at the units they go to bottle lot of times ... as as you know Simon I have thought ... that are not prepared to to receive information you will receive it and sometimes the distilled to go understand that the gravity of understanding personal finance and that's that's the kind of threw the problem ... move to Rome thank you Brian much Ben Kesling of the will Street gentle am The Morning Call onetime thank you so ... thank you ... how will be back in thirty seconds with breaking news on the market ... what about the new sub I'm Simon console we have breaking news on the market and the market people and hit a helpless with that ... is big cheese on markets test Emma Moody Press and they have ... never had any of the title but ... that's the short way to do with the TV is nice to me I'm the and what's for us to the care we got the final number on on the second-quarter GDP four point six percent growth that's in line with expectations annihilated in Britain had any it's the biggest in years he is in fact the the fourth quarter two thousand and eleven ... sad that it's been a long time ... and in and we know we had a very bad Fisk one of the head of the bomb Senate ... seat to bounce back in the second quarter ... so and ezlink everyone's can it be a take this in stride it seems the stuff you choose ... the app a little bit on this incident is affirmation that the economy it again soon ... and then getting status it's been for a Keats of apps that we have some of the news on this is ... really just just as big and in many ways ... bill Gross who founded Gamco is leaving Pimco a history of Manhattan a nice also that ... control the state that with this pitiful the sidekick ... Mohamed El Erian Hamadeh Larry and he left at the beginning of the year than it did ... it ... comments leading dissidents and ... raise the service and to questions about the management of Pimco and you know the will Street gentle is written several stories them ... Louis had that appeals to ... all foreign Terry and style ... have in ... the news is just breaking he's he's going to Janice we die it's that which is that a rival family that and much more than that at this point and the advent of coincidences is to get ... that book on sex though I'm Pimco's also which is that the biggest bomb fund in the well ... has seen outflows Saddam consistently pretty much it has and ... we should say Anido prices had an amazing track record has been doing this for decades and ... that over the phone that can go and with no way and in between that that the bond they know we've seen for the last eighty years and that I do attend fund has been the biggest bond fund in the well has spent hundreds of billions of dollars ... but ... since this happened since it seems the questions raised about in in the management style and and rich and says well I'm not the same great ... is the next day she huge amount of about five something more than sixteen billion dollars which is ... a lot of money ... and when you Mike so ... I sat with and I don't know what the story is behind this this and Levy says ... she Tizen in the new design and to to to check in on the beest live and to the beach to come home after that the longer way yet with all three stalks you looking at supply of rice which is Apple Apple we're always looking at Apple and had a good and bad couple of days in in the know with with that in the market was down a lot yesterday ... bouncing back a little bit today and others that had trouble with is the new software than I O s eight which is the causing some problems on the ICE signs and on the I pad ... and that he'd been defences will does not has not helped it that that ended ... the fries the friends the band swing listed on them I tried to make any difference less I'll sleep even by the stuff one of our dependency on them ... though so I'm that's good ... listen to them up ... ok my keys ... Nike had very very strong innings surprised everybody s answer out ... people are wearing athletic play is to go to the gym but also just generally acting as casual when ... I ... was in dance that song that my kids that's not assignable mysteries and and and and and student and Alibaba um this is interesting how the real such another short seller will sentence I would take the well it went public last week and you can show the stop for released a weak US after after it goes public ... now it's available for the short selling which is bidding against a betting man I would decline ... and and people are coming in and and making this that's what ... I what I like to sell is because the man looked interesting thing with with that we see you might say in the show I get so wet that ... no one else luckily fix that ... next week the Obama meets with India's new prime minister a man who was once denied entry to the US because of Jesus ... the goal ... of the meeting in handset economic relations between the two countries what can be done to file the business deals ... the notion saying the CEO of the Lloyd global joins us now to discuss this as his debut on the new stuff thank you Brian much for being here ... one of those one doesn't need to be a meeting to so to enhance trade between ... India and the andthe us and we know about China the big attention now what's what's the problem in it ... what I think it's a problem as it is a tremendous opportunity in my view for stats on country it's in the country to try Mr is elected by the biggest mandate the last thirty years ... he's already had to visit some leadership from Japan and China is here now ... his track record as his chief Minister the state to the drought was basically bilateral trade increasing investment so ... I think this things look very good as it did to a three things he's basically interested in ... all wrapped around ... easier to do business and so on simplifying labor laws tax every team ... improving infrastructure streamlining regulations ... making it easier to acquire land for small business in think like that ... the Dada in the end it does have a ... lot to Roberts a aam and it's it's a longstanding want how easy would it be to simplify things aam it's a it's a nice idea but I've seen how a poem entry democracies what it is the politics ... is a bit tricky right handed as it is enacted to I think is that made it a centerpiece to tackle ... but frankly ... an EU to ensure even reading a lot of that it is basically had to get more productivity out of the people ... some increasing accountability ... holding people responsible ... Anna given them a lot of visibility something goes the so the things that's happened the last three months now ... to wake global posted that its revenue slot last week ... how important was India to today ... their input India is what the cost of credit markets ... it's a country where ... we have the over sixteen thousand people ... that we had double digit growth last year of the local the last five years to spin it is very important ... now what one of the things I know but opinion is the banking system was of little By mandala banking systems older shaky but it's a it's been a little bit tricky is that something that you think needs reform to really get ... in the on steroids ... economically I mean it's certainly a destiny one of the area so I think of making it much easier ... increasing the availability of the century loans to basically businesses that have good ideas and things like that and again but something that the premise recession doing ... the ... wheel so they're a lot and in the west of my income inequality I'm in a written in the U S men and the West but we'll ... we'll know there was passive income inequality in in in the other is to score a ton of billion as ... and also a lot of people ... living on the onthe like Beslan a problem that we decided we were told it's a pretty given the what's good is that a permanent deal ... well it's a problem only in the sense that inclusive gross is very important so you can just one sector of society ... moving up in the other test is everybody has that ever has taught its bid Best Buy manufacturing is very core said to the future development of India ... and that's something that Prime ministers focusing on in a very very tough away ... ok great thank you Brian much pesticide free increased the infected most saying all going global ... I'm Simon console will be back in thirty seconds ... the the the ... the deal ... the the the the the the the the the the the the the the ... the ... was this storybook ending to Yankee captain Derek Jeter the last home game at Yankee Stadium Thursday nights to walk off single at the bottom on the ninth inning gave the New York Anki's ... the six to five victory over Baltimore alles she said who announced his retirement the beginning of this year finishes his Korea as they get this fourteen time will stop five time World series champ piano and saxophone the all-time headlights ... you will pay midst not kidding ... both on and off the field was banned smash mind along ... with his nephew that's a big Mac apps to him and saying farewell captain and thank you will have wool one is funneled entail dovish a live and dovish Jade all calm ... would you for all but twenty phoney thousand dollars for single bowl full of Scotch whisky Mannes the subject of the base we can set ... tells Passi is here along with Emma Moody a thank you both for being here how ... much a while but what would go on the second is how this point but that all the the ... it is a close relative aam yes I'd ... like my cats that liberalism may but ... to tell us about twenty five thousand dollars what what's the best going with it on the Scotch brand on single malt Scotch producer on has come out with a ... twenty five thousand dollar bottle it's the fifty year old Scot to be we see a lot of eighteen and twenty five discover audience got to the market ... this is the fifty year old model of sorts from a single task and ... you know to be honest I think it's a product that is very much aimed at sort of an emerging kind of whiskey collector Auction hypermarket ... mom that was years become like the the the New Republic of buying a house of these days whatever these written with ... did you taste this idea I did tasted a little bit to get ... yet I know and and I gotta tell you know it equates to about six hundred and fifty dollars The said ... they gave us the tiniest of sips at a press event on it is a good if not a great whisky aam Limited has a a a sort of fruity are milder Stahl what I really like about the twenty five thousand was that it had a very nice mouthfeel not as heavy as I expected ... um is it worth twenty five thousand ... I don't know now what we have here ... is the affordable alternative it's one with an eighteen ... it's ninety five dollars month for which are a lot of people but um I was given to someone in the same family I would say ... ten so aam Hammett you I was can I laugh risk and ... that's that's ... the status of this nutty via Roma ... to everybody this is Sam ... Armeli ... commonly depending on night Brown said in an answer to rum on and the Anatole sports ice like ... I ... said definitely various means ... really ... nice and now the only thing I just ... a silky mouthfeel very so I would I would definitly with lap no war so on East in this and it doesn't renewed at the oh it's it's it's it's a very approachable whiskey I'm that that that can take some of these same qualities in Ram setup ... of but I think most will can afford this one up at Chez us as Tesla also have a